Guarantees for America's guarantors
Here is a greater irony: Fannie and Freddie were the inventors of the mortgage-backed security, a principal cause of the housing bubble and its subsequent deflation. They won plaudits for it: for years, the unbundling and reselling of mortgages was deemed a good thing, the secret of the US housing market's success. Alan Greenspan, former Federal Reserve chairman, praised it ceaselessly as a breakthrough that did much to widen home ownership. But it ... Full Story »
Posted by Chris Finnie
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